Indian Markets Plunge as Crude Oil Prices Soar to USD 91 per Barrel

The Indian benchmark indices opened lower on Tuesday, August 18, due to rising crude oil prices and renewed geopolitical concerns. The Sensex slid over 300 points, while the Nifty hovered below 24,300. Brent crude climbed to USD 91 per barrel after US President Donald Trump threatened military action against Oman.

Market analyst Vipin Dixena noted that Nifty has declined for five consecutive sessions and FII selling remains a concern. However, strong DII buying and the recovery from Monday's intraday lows suggest domestic investors are still providing some cushion to the market.

Dixena added that 'Nifty is now approaching the crucial 24,200 support zone. I believe holding this zone is important to prevent further weakness.' He also mentioned that on the upside, 24,360-24,400 remains the immediate hurdle.